BlackRock Inc. Takes Position in Site Centers Corp. $SITC

Key Points

• BlackRock acquired 5.04 million Site Centers shares valued at approximately $20 million, giving it a 9.6% stake. Institutional investors collectively own 88.7% of the company.
• Site Centers reported quarterly EPS of negative $0.03, beating estimates of negative $0.11, but revenue of $6.85 million fell short of the $8.20 million consensus forecast.
• The stock opened at $2.94, near its one-year low of $2.89. Analysts maintain a cautious outlook, with an average “Reduce” rating and a $6.75 price target, while the company recently paid a special $1.00-per-share dividend.

BlackRock Inc. acquired a new position in shares of Site Centers Corp. (NYSE:SITC - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 5,038,734 shares of the company's stock, valued at approximately $20,004,000. BlackRock Inc. owned about 9.60% of Site Centers at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the stock. Gumshoe Capital Management LLC acquired a new stake in shares of Site Centers during the fourth quarter valued at $14,278,000. Cohen & Steers Inc. boosted its stake in shares of Site Centers by 129.8% during the 4th quarter. Cohen & Steers Inc. now owns 2,678,505 shares of the company's stock worth $17,196,000 after purchasing an additional 1,512,817 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Site Centers by 176.0% during the first quarter. SG Americas Securities LLC now owns 2,262,491 shares of the company's stock worth $12,217,000 after buying an additional 1,442,755 shares in the last quarter. Jane Street Group LLC acquired a new position in shares of Site Centers in the fourth quarter valued at approximately $8,356,000. Finally, Millennium Management LLC lifted its stake in shares of Site Centers by 2,101.6% during the fourth quarter. Millennium Management LLC now owns 1,257,419 shares of the company's stock valued at $8,073,000 after buying an additional 1,200,306 shares during the period. Institutional investors and hedge funds own 88.70% of the company's stock.

Site Centers Stock Performance

Shares of NYSE:SITC opened at $2.94 on Thursday. The stock has a 50-day simple moving average of $3.75 and a 200-day simple moving average of $4.90. The stock has a market capitalization of $154.52 million, a P/E ratio of 1.22 and a beta of 0.98. Site Centers Corp. has a 1 year low of $2.89 and a 1 year high of $9.55.

Site Centers (NYSE:SITC - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.08. Site Centers had a net margin of 219.18% and a return on equity of 40.56%. The company had revenue of $6.85 million during the quarter, compared to the consensus estimate of $8.20 million. Analysts predict that Site Centers Corp. will post -0.29 earnings per share for the current year.

Site Centers Dividend Announcement

The business also recently announced a special dividend, which was paid on Friday, July 31st. Investors of record on Friday, July 17th were issued a dividend of $1.00 per share.

Analyst Ratings Changes

Several research analysts have weighed in on SITC shares. Piper Sandler cut their price target on Site Centers from $5.00 to $3.50 and set a "neutral" rating for the company in a report on Tuesday, August 4th. Weiss Ratings reissued a "sell (d)" rating on shares of Site Centers in a research note on Wednesday, June 24th. Wall Street Zen raised shares of Site Centers from a "sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, Zacks Research cut shares of Site Centers from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 20th. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $6.75.

Site Centers Profile

Site Centers NYSE: SITC is a publicly traded real estate investment trust (REIT) focused on the ownership, management and development of grocery-anchored shopping centers. The company's portfolio comprises open-air retail properties that primarily serve daily needs tenants and national retailers. By concentrating on neighborhood and community shopping centers, Site Centers aims to provide stable occupancy levels and resilient income streams driven by essential services such as supermarkets, pharmacies and convenient dining options.

Originally known as DDR Corp., the company rebranded as Site Centers in 2021 to emphasize its strategic focus on high-quality retail assets and long-term value creation.

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